PANIC: $300M in cryptocurrency VANISHES overnight… user error blamed… 10 reasons why gold is better than Bitcoin

Wednesday, November 8, 2017
By Paul Martin

by: Mike Adams
NaturalNews.com
Wednesday, November 08, 2017

Bitcoin’s meteoric rise in price has been accompanied by a predictably parallel rise in the contorted lunacy we seem to witness in every irrational bubble, no matter what its origin. The Bitcoin bubble delusion has become so convincing to some people that they now believe Bitcoin is the “new gold” or “better than gold.” And yet Bitcoin, like every other cryptocurrency, is nothing more than a virtual shared spreadsheet (ledger) that’s subject to all the failings of software, cyber warfare and even power grid failures.

Just yesterday, in fact, The Guardian reported on how $300M in Ether currency just vanished due to an accident committed by just one user. “More than $300m of cryptocurrency has been lost after a series of bugs in a popular digital wallet service led one curious developer to accidentally take control of and then lock up the funds, according to reports,” reports The Guardian. Yes, you read that correctly: A user accidentally destroyed $300 million worth of cryptocurrency. Oops.

The news publisher goes on to explain:

Effectively, a user accidentally stole hundreds of wallets simultaneously, and then set them on fire in a panic while trying to give them back.

In effect, this morning as Ether users woke up and checked their online wallets that they foolishly believed contained “real money,” they actually discovered that all their cryptocurrency coins had vanished. Now, the Ethereum community is desperately trying to convince 51% of its users to agree to a “back track” maneuver to reverse the catastrophic mistake, only proving yet again that cryptocurrency coins utterly contradict any legitimate definition of a “store of value” since they can be created or destroyed at any time merely by groups of users voting them into existence (or reversing blockchain transactions they don’t like). In other words, the blockchain is run by a committee of self-interested dip##its who break their own rules all the time, abandoning any real claim that cryptocurrencies are “based on the laws of mathematics.” Hogwash.

Obviously, if one gold owner makes a mistake and does something wrong with his gold, it does not cause a huge number of other gold owners to lose their gold. Yet this is exactly what can happen — and just did happen — with cryptocurrencies.

People who claim Bitcoin is better than gold are incredibly deluded

The Rest…HERE

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